What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide. Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years. For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams. She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

How did our Corporate Regulators fail consumers so spectacularly? Where is consumer protection? BFCSA Members have discovered Bankster Protection Rackets instead. Our Members are the proof of wide spread FRAUD and document abuse. For over 20 years more than 30 Australian Banks/Lenders devised a dastardly plan to lower banking standards by approving sub-prime loans for over 20 years under the "watchful eyes" of our corporate regulators."
Lazy Governments and suspicious public servants developed policy that stated: "consumers need to look after themselves." Their reaction was to hide everything under the regulatory carpet and pray no-one comes along and asks for a copy of the LOAN APPLICATION FORM.
There is no doubt now that a BANKSTER CARTEL was in full swing. Not, only were lenders hiding the foul smelling evidence, they were actively spruiking for more customers via the Broker Channel and at the same time setting broker up to take the blame when the entire Bankster Bubble burst.
Australian Banksters developed a corridor for new customers to be sucked into...

Freelance Investigator Takes on Aussie Banks Wednesday, 13 March 2013 Melbourne, Australia By Kris Sayce
"Bendigo and Adelaide Bank was "incompetent" in its dealings with an elderly couple with little English and in poor health, and had failed to investigate whether they could meet their financial obligations, the NSW Supreme Court has found."
'In a damning judgment, judge Michael Pembroke set aside a $1.2 million, 25-year loan to Greek couple Steve and Aristea Karamihos, ruling it was "unjust" under the National Credit Code.' - The Australian (13/3/2013) "
Until recently, the relationship between customers and banks has been a one-way street. It's been about the customers handing over their hard-earned cash in the form of mortgage payments. Even if you don't have a mortgage, you've got to find somewhere to keep your savings...most of the time that involves maintaining a bank account. And there aren't many jobs these days where they'll...

Within 3 years the average loan/loss will reach $1 million as banks hike up the LVR to 97%. Compensation must urgently be lifted to $1 million per claim as a matter of URGENCY. Even if Australian Securities and Investment Commission ("ASIC") convinced Banksters/Government to change the compensatory amount to $600,000 it would be underestimated by the time they changed the parameters.
Hasn't ASIC been given powers to change this figure without Government, on the basis they are the regulators to licence the External DISPUTE Resolution Services ("EDRs") such as FOS and COSL? Banks pay $5000 per investigation to the EDRs. We investigate overall issues for free. Could someone clarify this as I seem to forget whether power shifted.
I lobbied the Government in 2001 for limits to be lifted on complaints against banks and the compensation stagnated at a miserly and hopelessly inadequate $100,000 per case. That way, the Banking Ombudsman's service ("ABOS") could FLICK most complaints against banksters away, as the average...

Dear Captain Haddock. You lose again but its a little entertaining. My evidence in our Australian Federal Parliament never suggested the Australian Office of Financial Management ("AOFM") was profiting from a fraud. Best to read the Transcript 8th August 2pm. We asked if audits had been carried out by the AOFM and the following day the AOFM stated audits were carried out on the securities (people's homes in asset lend) and NOT THE Loan documentation.
Had that occurred as a spot check - just a minor ad hock look, the auditors would have seen magnificent discrepancies leaping out from each page - as BFCSA Members have done. The loans were arranged on rubbery figures! And you now wish to trust our major banks annual figures? OK, lets stay on track.
So we know the rubbery figures led to masses of imprudent lending, without the consumer's knowledge or consent as the...

ASIC just simply does as its told whilst Treasury continually state it acts autonomously. What can we say? WE are the end users of the system and know the truth of the matter. Have a read of last years ASIC Annual Reports tabled in Parliament. I do not have time. It will show that ASIC receive over $700 million in funds from corporate directors, companies etc, generated by fees and also outrageous search fees - worst in the world.
Its a Milking Machine in the banking and finance sector. Treasury then "allocate a budget" for ASIC. All revenue flows to Treasury as a CASH COW, then say average $400 million is fed back to ASIC to run six useless offices and do very little for the idea of consumer protection. Our claims are evidenced by the escalating losses in the billions of dollars in the mortgage loans scandal by pensioners and low income families and also retirees trapped in the diabolical...

I asked two questions of Greg Medcraft in my November 2011 letters to him:
These vital Questions requiring a very simple response remain unanswered to this day. The Chairman of the Australian Securities and Investment Commission ("ASIC"), Mr Greg Medcraft, soon to be head of www.IOSCO.org refuses to provide the public with a sensible response.
We know you are an expert on securitisation. You Sir, are either an expert on mortgage lending practices and maladministration in lending, or you are part of the cover-up. You cannot continue to sit on the fence and pretend you do not know as you did on Monday on Four Corners.
The long suffering public have had enough!
Playing the line "what's SAFE for Greggie's career" is disgraceful conduct, and most likely unconscionable conduct worthy of a Royal Commission into Bankster and ASIC. We shall try again.
QUESTIONS TO MR MEDCRAFT – ASIC Nov 2011
On behalf of all consumers of banking products and services in...

RBA quietly increases banks’ bailout buffer
afr 6/03/2013 CHRISTOPHER JOYE
In a globally unique policy, the Reserve Bank of Australia will supply banks with a permanent bailout facility worth up to $380 billion by 2015.
The policy has been designed by the RBA to help banks satisfy stringent new liquidity tests which simulate “acute stress scenarios” that deny banks funding for 30 days under the post-GFC rules, Basel III.
Local regulators argue that insufficient liquid assets such as government bonds meant they had no choice but to give the banks a new taxpayer-backed “line of credit” that could be tapped at a cost just above the RBA’s cash rate. Smaller building societies and credit unions are not subject to the liquidity tests and will not, therefore, have access to the bail-out fund.
Remarkably few people inside or outside financial markets are familiar with, or understand, this “committed liquidity facility”, which will...

Thank you for your efforts in adding to this debate and ongoing investigation into the AOFM purchases of RMBS investments. The main issue that I see is that the Government cannot and ought not to profit from a fraud. The fraud is in the genesis of the income stream.
The Australian Office of Financial Management told the Senate they only did due diligence on the security and not on the loan. If there is just one tainted loan, it is inappropriate to say the least that the Government backs it and therefore all tainted loans must be identified and removed.
Surely, you would agree with that Captain? There can be no other solution. If the Government on-sell the securities which contain a portion of those toxic loans, then the Australian Government is indeed profiting from a fraud because there is no loss. That is the issue explained to Parliament that 8-10% of the...

WELL DONE STEPHEN LONG FOR THIS EXPOSE: featured PRIME TRUST - 26 Highly Illegal Managed Investment Schemes in 2001 PrimeLife investigation, - LM INVESTMENTS promoted by garden guru Jamie Drury; and BANKSIA SECURITIES debacle
In 1998, I campaigned for tighter laws for ASIC to use to beef up existing "new" 1996 Corporations Law provisions regarding "Prescribed Interests" whereby supposed protection of consumers was seeing so many retirees lose their life savings within 10 days of receiving superannuation lump sums - and do not fall for annuity scams.......
The Australian Securities Commission had achieved nothing in regard to prosecutions despite the new 1992 laws designed to protect consumers. Thousands of aussie retirees lose their life savings
Decades before, due to the banks triggering the Great Depression via Bank Fraud and Greed and citizens suffering, people understandably did not trust banks and for the next forty years they kept tins in the back yard with life savings.
The Corporate...

TOXIC LOAN SCAM – Bankster Gangster Style - Very simple to figure out. Same World of Sub Prime: Guaranteed to have you homeless in seven years. COST $80,000 profit per dirty loan. Time bomb is that according to our survey 2012, 10% of FULL DOCS are also toxic arranged directly by bank managers and officers.
All loans were computer assessed - tick a box approvals - zero rejections. Bring in your dead loan apps and we will revise them and re-cycle and refinance so there is no equity or sanity left.....according to insider emails.
Banksters control the TOXIC banking and finance environment as well as the property market and its glorious bubbles. The pumped up market was fuelled by convincing older persons to borrow against the equity of their homes, years after they had finished paying off their mortgages. The objects of the Bankster affections never expected to buy a second property to avoid...

Dear Prime Minister, Re: Bank Fraud by St George Bank
I was 72 last year, when St George Bank informed me that I was responsible for a mortgage of $210,000, which I had never applied for!
I had given my whole of lifetime superannuation payment, plus my inheritance from my mother, to be half payment for a home at Boomerang Beach with my son in law. He had to get a $210,000 mortgage as part of his half payment.
The mortgage broker, carefully trained by the bank, applied for the mortgage on my behalf, without my knowledge or authority. The loan application was entirely fictitious; very little apart from my name applied to my life or financial status.
The application was transmitted electronically to the bank. No one at St George Bank ever contacted me about this application. It was approved without my...

I have decided to respond to Captain Haddock. My responses are in RED
Comments from Captain Haddock in black:
To date the AOFM has invested (not spent) approximately $15 billion. This has been invested in home loans for mums and dads who were clients of lenders other than the major banks including credit unions and building societies. About one third of this investment has been paid back already. If these investments were backed by 10% - 20% "tarnished loans", why has there not been a single cent of losses recorded on any of these investments? All these transactions are the subject of continuous open reporting disclosing the performance of all the loans. There have been no issues.
Thank you for that clarification CH. If the RMBS packs are created by subsidiaries of the Major Banks, what happens then? If investments have been “paid back,” you have admitted it was via investments (not...

There are stories flooding in to this site and too many to publish, but the sadness is the same and a growing groundswell of anger. A New Zealand Prime Minister said hello to me as I walked along to speak with her Minister 2008. I spent two weeks with the help of EUFA volunteers in gathering documents and speaking with so many wonderful people who were all victims of the New Zealand Mortgage Scandal. At each gathering hundreds turned up to the eight venues across the nation. I was warmly made welcome and people gathered around for hours after each session. It is a lesson in collectivism and community and supporting each other.
Now New Zealanders are sending their support to YOU. WE are sending our support back to our NZ cousins. What is wrong with the Prime Ministers of both countries? Do they not see the looming crisis in the banking sector? The DIRTY...

Australian Banksters have attempted to enslave consumers for life. Till Death do you PAY and beyond the grave. Banks are sucking up every ill-gotten dollar they can lay their hands on. DE REGULATION has caused this grief Not one Regulator was asked by Treasury to check the LENDING POLICY GUIDELINES. Naturally, Banks took advantage of this opportunity to rape pillage and plunder all age groups financial security and wipe out any chance of getting ahead in this country. LIBERALS turned their back, followed by LABOR propping up Bankster driven nefarious activities. Its the NATIONALS who are screaming out and in particular Senator John Williams.
Banksters lowered their lending standards. The Broker Channel is doomed. Ask yourself WHY? Why didn't banks place a piece of paper in their shopfront windows saying: WE DO LOW DOCS here? Why use the very very expensive Broker Channel Model? To create the six degrees of separation away from the crime scene of fraud and corruption;...

Dr John Laker, Head Bozo at Australian Prudential Regulation Authority ("APRA")
It seems we cannot see Government induced legal remedies that deal with slack or stupid (or corrupt) regulatory chiefs. Dr Laker said he would would love a piece of paper saying "thou shalt not be stupid."
Laker stupidly forgot to advise Federal Government that RMBS packages could well be tarnished by
the 2008 revelations of foul practices in residential backed mortgage securities on the world stage.
Taxpayers own billions of dollars of worthless "income streams." If you did not know that in 2008,
shortly before the stunningly stupid commitment to purchase RMBS Packs by the AOFM, it’s because
all three chiefs admitted no audits took place and never gave that little gem a second thought!!!!
Really? You read all about America and then failed to look under the bankster rugs here in Australia?
Here is the piece of paper you crave Dr John Laker: Thou shalt not...

Celebrated Artist Margaret Girle, has agreed to assist us with her skills as an artist and cartoonist.
Watch the CARTOON Button above...........almost loaded and then welcome new cartoons every Friday and Monday....time to laugh a lot on those two days. Yes folks, despite the despair of Banksters trying to steal homes, despite the dodgy home loans and tragedies, despite the regulators continually saying "there is little we can do...", our BFCSA COMMUNITY does have a very funny sense of humour.
Stay Tuned. Meanwhile ring your favourite shock jock on radio and tell your story about what the Banksters did to your lives, wives, off-spring, parents and lovers. Its almost AUTUMN and time for a BIG BFCSA CYBER BUSY BEE.
Your turn to do something and be thankful BFCSA is in existence in a major way. What of your SKILLS can benefit all of us as a BFCSA Community?
Its your issue and you need to own...

OUR BFCSA WEBSITE sticks to the facts. We have spent ten years gathering EVIDENCE against the Australian banking system. Our members are angry as they were never told the truth regarding Sub Prime Lending practices at any level: Not from the political levels, not from the regulatory schimozzle and naturally, not from the Banksters themselves. All parties connected to Government have been involved in cover-ups and lying to our BFCSA Members and previous RECA Members. This site is edited (three editors) several times daily to ensure only the TRUTH is being told to the world. We are not interested in outsider uninformed opinions, we are interested in FACT and the valued opinions of those who are victims of this crime.
Those persons have a right to be heard and this site provides the aggrieved with a voice: a members only and private commentary forum. Bush lawyers who invade that space are also prohibited from upsetting others. We care deeply about every one of our members. It...

It seems everyone in the banking system involved with sales and credit assessment, knew that for 14 years, loans were not being verified or properly assessed by humans. Instead imprudent loans were being assessed by robots. Certainly, we have uncovered the awful truth that Brokers and Borrowers were being kept in the dark like mushrooms.....until now. Income figures were being manufactured by ZIPPY, SKIPPY and SPEEDY and other cyber relics. Brokers were told "Skippy will do the math and you then write down the assessment income figure on the form as being acceptable and AFFORDABLE!" "Its an accounting calculation......all banks use this system."
BFCSA MEMBERS NOW KNOW!!! BANKING AND FINANCE REGULATORS WERE TURNING A BLIND EYE
It is the BFCSA Members and our BFCSA Community Teams that have broken down the final barriers to understand how $100 Billion worth of bad loans were flooded onto the market place. RMBS packages have been bundled up...

COSL LICENCE MUST BE REVOKED IMMEDIATELY
Too many complaints back from our members that COSL are not even attempting to investigate claims. In two years of testing COSL there has not been one satisfactory outcome. NOT ONE! COSL is a sham. ASIC licences COSL to be a miserable excuse for looking after the interests of non bank lenders.
The problem is this: they have no powers according to them. They cannot ask brokers for a copy of the Loan Application Form as they may be shredded. Now where have we heard that before?
How can we at BFCSA, as Australia's foremost advocacy service on bank fraud, in good conscience suggest people try COSL? That's what ASIC do in letter dated 14th February, knowing COSL only favour the banks.
Its a sham EDR service. The COSL Licence ought to be cancelled immediately for this reason:
ITS A SHAM IF PEOPLE BELIEVE AND EXPECT THEIR COMPLAINTS WILL BE PROPERLY...

Note from BFCSA Members: You Sirs, at ABA and your wretched members have shown scant regard for S25 of the Banker Code re loan “affordability”, scant regard for Australian Citizens and their financial well-being and scant regard for Criminal Law. Your members are stealing from investors, stealing from borrowers and also stealing from their Broker Agents. Like thieves in the night (and day) you have no friends. Your cartels and conspiracies to defraud using the ZIPPY MODEL will be the undoing of our banking system. You should all be locked up. Your doomsday is nigh.
Suck it up Gentlemen!!!
Royal Commission into the Australian Banking System Urgent
ABA furious as ACCI compares banks to highway robbers
http://www.brokernews.com.au/news/breaking-news/aba-furious-as-acci-compares-banks-to-highway-robbers-148732.aspx
The Australian Banker’s Association (ABA) has lashed out at Australian Chamber of Commerce and Industry (ACCI) chief executive, Peter Anderson, following an article in which Anderson likened the major banks’ refusal to pass...